How Banks are Helping Customers Withstand Coronavirus Shock

As communities across the country are hit by the coronavirus some banks are stepping in to help; in Seattle some businesses are seeing a 70% decline in business so local bank WaFd (formerly Washington Federal Bank) has readied $100 million in credit to impacted businesses, offering credit lines up to $200,000 interest free for 90 days and will expedite loans up to $30,000 for affected businesses; Ridgewood Savings Bank in New York will offer interest-free loans secured by customers’ deposit balances and is exploring forbearance on interest payments for borrowers; JPMorgan Chase and the PNC Financial Services Group in Pittsburgh both told American Banker they would work with customers on an individual basis. American Banker

Notify of
Inline Feedbacks
View all comments